If you’re new to cryptocurrencies you might be wondering, what is Bitcoin Gold? Is it the same as Bitcoin Cash?
The simple answer is no, Bitcoin Gold and Bitcoin Cash are off-shoots, or forks of the popular cryptocurrency Bitcoin.
Let’s take a look at Bitcoin Cash vs Bitcoin Gold.
Bitcoin Cash
Created in 2017, Bitcoin Cash shared some similarities with the original Bitcoin but then it did a complete separation and is now considered a unique cryptocurrency.
BCH uses an application specific integrated circuit hardware for mining and the PoW, or proof of work algorithm.
To understand the purpose behind Bitcoin you have to understand the creator’s mindset. Satoshi Nakamoto originally hoped the cryptocurrency would be used for daily transactions and as an alternative to traditional payment processes, such as Visa or Mastercard.
Because of its popularity and size, Bitcoin became a bit sluggish. Enter the fork, Bitcoin Cash which was more efficient and had a faster processing time.
Bitcoin Cash is a peer to peer cryptocurrency that can be transferred directly to another person without having to go through a third party, such as a bank. It’s traded online and can be used to purchase goods or services on the internet.
Bitcoin Cash is also available as a digital asset in crypto exchanges. To make the most of your investment it’s recommended you give Bitcoin Profit a try.
Bitcoin Gold
Bitcoin Gold was created in 2017 and in the same manner as Bitcoin Cash. However, Bitcoin Gold utilizes a different algorithm and was made to be more accessible than other cryptocurrencies.
Bitcoin Gold can be mined with a capable GPU, or graphics card in a computer. The developers thought that Bitcoin was becoming too mainstream, and the prices of acquiring it have skyrocketed, thus prompting Bitcoin Gold.
Bitcoin Gold is still a cryptocurrency so it can be sent to another person with a wallet or a digital address. It can be exchanged for goods or service on the internet and offline.
Like Bitcoin Cash, Bitcoin Gold is an available investment in most cryptocurrency exchange platforms. You can follow the price trend and get ahead of the competition when you download the Bitcoin Profit app.
Bitcoin Cash vs Bitcoin Gold
Both cryptocurrencies work the same as Bitcoin but have a lower price value. Mining Bitcoin Cash requires a specialized hardware, while in Bitcoin Gold you just have to have a GPU, or graphics card.
In terms of being a digital asset both crypto coins are viable. However, you must do diligent research and find out which may have a higher value in the future and which one tends to fall.
Also, you can avoid common cryptocurrency investment mistakes by spreading out your capital to several cryptocurrencies you’re interested in. Follow the news and set a cap on when to sell and when to acquire more cryptocurrency.
It’s a wise move to put your winnings offline rather than storing it in the crypto exchange’s server. A hot or cold wallet should do nicely in this regard, and they’re not expensive to get.